thiết kế hệ thống định giá chuyển vốn tại ngân hàng thương mại

va dong bQde thi truang bat dQng
san phat trien lanh mc;mh,phu h<;1p
vdi thong I~ quoc te va IQtrlnh hQi
nh$p kinh te.
ThLi'ba, hoan thi~n cac CC1che
chfnh sach tai chfnh trong th! truang
bat dQngsan, bbi no tac dQngtn!c
tiep Wi hi~u qua cua ho~t dQngkinh
doanhbat dQngsan, cOngnhuquyet
d!nh Ilja chQndautu cuacac chu the
trong xa hQi.
Ban hanh Lu$t thue su dl:mgdat
tren CC1sb Lu$t Thue su dl:mgdat
nong nghi~p va Phap I~nh ve thue
nha dat theo hUdng xac d!nh thue
tren CC1sb di~n Uch,gia dat va thue
suat.
ThLi'tu; tiep tl,JCban hanhva sua
doi bo sung mQtso van ban cho phu
h<;1p,Cl,Jthe la:
- Ngh! dinh ve xu ph~t vi ph~m
hanh chfnhtrong kinh doanh bao
hiemnhamxuIynhG'ngbieuhi~ntieu
cljc trongho~tdQngkinhdoanhbao
hiem gay thi~t h~i den quyen va l<;1i
fch chfnh dang cua nguai tham gia
bao hiem, lam anh hubngden uy Un
va dQ an toan cua th! truang bao
hiem.
- Nghi d!nh ve to'chuc va ho~t
dQngcua to chucbaohiemtUC1ngho.

- Quy d!nh ve cung cap d!ch vl,J
qua biengidi,qui d!nhve cacchi tieu
giam sat ho~t dQngcac DNBH, qui
dinh lien quan den quy dau tu cua
DNBH.
- Mb rQngchfnh sach pMt trien
th! truang co phieu,trai phieu nham
da d~ng hoa danh ml,Jcdau tu, thu
hut cac nha dau tu trong va ngoai
nudctham gia thi truang.
- Cacchfnhsachmdican phaithe
hi~n Slj tlj do va mb cua th! truang
bao hiem theo hUdnghQinh$p, bao
dam slj c~nhtranh tren cac ITnhvljc,
nganh nghe. Muon the, chfnh sach
cua NhanudcS8phaithljChi~ntheo
hUdng khuyen khfch phat trien
Yiu CHiNH
W£ ~ ~ @Xtxs;TIm
thuC1ngm~i bao hiem va xoa bao
hiem bat bUQcnham t~o CC1hQicho
mQi doanh nghi~p tham gia th!
truang; tien hanh xoa bo bao hiem
chuyen nganh va hUdngcac cong ty
bao hiem dU<;1cquyen tham gia kinh
doanh tong h<;1pcac ITnhvljc bao
hiem. Ngoai ra, de t~o dieu ki~n cho
cac doanh nghi~p ho~t dQng kinh
doanh tren th! truang bao hiem, nha
nudc can can phai thljC hi~n chfnh

sach thue binh d~nggiG'acac doanh
nghi~p trong nudc va cac doanh
nghi~pnudc ngoai.
ThLi'nam, moi DNBHcan xay
dljng cho minh chien IU<;1cdau tu
thich h<;1pgan vdi chien IU<;1ckinh
doanh, d~c bi~t trong khau thiet ke,
phat trien san pham nhamnang cao
hi~u qua dau tu kinh doanh. M~t
kMc, khuyen khich cac DNBH da
d~ng hoa danh ml,Jcdau tu va bao
dam can doi giG'anhu cauthanhtoan
trudc mat va hi~uqua lau dai
tf tf '" tf ,,,,9 tf
TtIIETKEtIETtIONCDINtICIACliUYEN-VON
. .
TAI NGANHANGTHu'dNGMAI
. .
C
hU de dinh gia chuyenvan
(viettatla FTP) la m(Jttrang
nhiJngvan de gay tranhcai
nhieunhattranghO<;itdQngqUEmIy
taisanco,taisanNg(ALM)giiJacac
nganhangIantrenthegiai.
dMyva
uc, h~ thong dinh gia chuyenvan
khOpkyh<;indllgc
xemnhllmQtdieu
ki~nlienquyetchosl! quantri thanh

congdoi vai mQtto chUctai chfnh
Ian.
I. TONGQUANvEFTP
FTP la mQt h~ thong do luang nQi
Vi~t "ung *
bQdU<;1csu dl,Jngde danhgia tac
dQngtai chinhcuanguonvanvasu
dl,Jngvan cua mQtnganhang.Cac
ket qua cua h~ thong FTPco the
dU<;1Cdung de danh gia kha nang
sinhlai cuacac dC1nvi kinhdoanh,
cacsanpham,cackhachhangvade
baov~'<;1inhu$nkhoinhieulo~iruiro
phatsinhtrongquatrinhlamtrung
giantaichfnhcuanganhang.
TYI~thunh$ptUlairang(viettat
la NIM,dU<;1ctfnhtheocongt,,\ucthu
nh(1pttl/ai rong/tongtai san Co sinh
loi) la yeuto donggopdC1nIeIdnnhat
VaGkhanangsinhlaicuanganhang.
£)e nam vG'nghC1nve NIM cua mQt
ngan hang thl can phai do luang chi
so ho~tdQngnay t~i cap dC1nvi kinh
doanh. Vi~c thljc hi~n FTP giup dC1n
gian hoa qua trinh do luang NIM t?i
cap dC1nv!kinh doanh. MQth~ thong
FTPt~i capdQsanphamS8tfnhtoan
slj dong gap VaGNIM cua tltng san
phamva sau do cQngI?iS8tfnhdU<;1c
.Tp.Ha NQi

T~ em NCANIiANc - sO11NAM'2005
61
TAl CHINH
w£~~~TIm
sl,f dong.g6p cua don vi so hG'u
nhiingsan phamd6. M(>th~ thong
FTP chinh xac se chia nho NIM
thanh nhiing thanh to sau: chenh
I~chtai sanC6, cMnh I~chtai san
N<;JvachenhI~chruiroli'iisuat.Can
cu vao sl,fchia nho NIM nhu'tren,
ngi'mhangse c6 cacthongtin chu
yeudedinhgiacacsanpham,phi'm
bocacnguonIl,fCva hieuro honve
cacnguongocsinhIOicuaminh.
M(>th~thongFTPchuanse101?i
bo rui ro li'ii suat khoi don vi kinh
doanhva t$p trung rui ro nay t1?i
trungtamFTP.Vi~c101?ibo rui ro li'ii
suat nay cho phepdo Iu'ongchinh
xachi~uquah01?td(>ngthl,fCSl,fcua
cacchinhanh.Cacchinhanhc6the
c6 kha nangkiemsoat nhiingd~c
diemdinhgial1?icuacac sanpham
vaxaydl,fngcacchinhsachdinhgia
sanphamdedapl1?inhiingthaydoi
li'ii suatthi tru'ong.Nhu'nghQkhong
c6 kha nang kiem soat doi v(ji moi
tru'dngli'ii suat thl,fCsl,fva do d6 NIM
cua hQphai du'<;Jcdo Iu'dngv(ji dieu

ki~n 101?ibo thanh to rui ro li'ii suat
cua NIM.
II- MOlQUANH~GlfrAFTPvAALM
Giang nhu'hau het cac h~ thong
ALM, FTP Xlt Iy nhiing khac bi~t
(khongan kh(jphaychenhI~ch)giiia
cac tai san C6 va tai san N9 ve gia
trL ky h1?n.thai diem dinh gia l1?i(Ia
sl,f thay doi li'ii suat cua tai san N<;J
hO$ctai san C6),tinh chac chan cua
dong tien va cac dieu ki~n khoi t1?O
giao d!ch ma dl,favao d6 van du'<;Jc
cung cap va Sltdl;jng.TrongkhiALM
Xlt Iy cac chenh I~ch cua toan b(>
bang can doi. FTP t~p trung vao
nhiing cMnh I~chn(>ib(>giiia cac chi
nhanh hay giiia cac dong san pt>3m
rieng bj~t.ALM ph~i i11~nrui ro tong
the va cac COh(>isinh Idi cua bang
can doi, trong khi m(>th~ thong FTP
du'9cxay dl,fngtot co the phan bo 19i
nhu$nva cacrui ro kemtheochocac
chi nhanhkhojt1?Ogiaodich. Sl,fh01?t
.d(>ngsong hanh cua hai h~ thong
nay cungcapcac thongtin giatr! cho
cac nhaquantri ngan hang.
III- cAePHU'ONGPHApFTPTHONGD~NG
1. Mot nhom - mot Iii
, , ', , .
suat duy nhat

Trong phu'ong phap nay, cac
khoan van du'<;Jct$p h<;Jpvai nhau
thanhm(>tnh6mduy nhat,chi c6 m(>t
li'ii suat du'<;Jcap dl;jngde tra li'ii cho
tat ca cac dOnvi cungcap van va de
tinh li'iicho tat ca cac don vi Sltdl:mg
van. Li'ii suat nay co the la chi phi
binh quan gia quyen cua cac nguon
van, li'ii suat cho vay qua dem giiia
cac ngan hang, li'ii suat cho vay doi
v(ji khachhangtot nhat hO$cm(>tso
li'ii suat khactrenthi tru'ongvan.
Uu diem cua phu'ongphapnay la
de hieuvade thl,fChi~n.Nhu'ngnoco
rat nhieu nhu'<;Jcdiem, d$Cbi~t la no
khong tinh den cac d$c diem ve ky
h1?nho~c rui ro tiem an. Phuong
phap nay gia d!nh dIng tat ca cac
nguon van deu co tam quan trQng
nhu' nhau doi vai ngan hang. Hon
niia, vi$c Il,fachQnli'ii suat chuyen
van lam sai I~ch cac ket qua do
Iu'dngsl,fdongg6p19inhu$n:li'iisuat
chuyen van dl,favao chi phi van se
lam tang muc d(>dong gop cua don
vi Sltdl:mgvan rang; li'ii suat chuyen
van dl,favaoIaisuatdaura cua ngan
hangselam tangphandonggop cua
don vi cung cap van rang.
2. Hai nhom - hai Iii sdt

Phu'ongphap nay Slt d~ng hai
nhom tai san va hai li'ii suat FTP
tu'ongling, theodo cac nguonvan
du'9ccung cap(cac tai san N<;J) du'<;Jc
t$p h9Pvao m(>tnhom va nhom nay
c6 m(>tli'ii suatFTPdu'<;Jctinhtoan
dl,fatren li'ii suat dau ra. Cac nguon
van du'<;JcSlt d~ng (cac tai san Co)
du'<;Jct~p h9Pvao nhomthu haivaco
m(>tli'ii suat FTPcan cu vao li'ii suat
dau vao cua ngan hang. Phu'ong
phap nay 101?ibodu'<;Jcnhiing yeu
diem cua phu'ongphap m(>tnhom-
m(>tli'ii suat va t1?Ora nen tang cho
vi~c xac dinh kha nang sinh IOicua
san pham; lam tang tinh minh b1?ch
ve gia tri dong gop cua don vi cung
cap van va don V!Sltd~ngvan.
M(>tyeu diem cua phu'ongphap
nay la no phanbo kep tong thu nh$p
tU li'ii rang cua ngan hang. De khac
phl;jcyeu diem nay,ngu'dita chia tat
ca ket qua d6ng gop 19inhu$n lam
hai hO$cSltd~ngm(>tli'iisuatchuyen
van nam giiia li'iisuat dau vao va li'ii
suat dau ra. M(>tyeu diem niia la
phu'ongphap nay khong cong nh$n
rang ky h1?ncua van anh hu'ongden
gia tri dong g6p cua chung. Trong
phu'ongphap nay, van ngan h1?nva

van dai h1?nco li'ii suat chuyen van
nhu' nhau. Ca 2 phu'ongphap tren
deu khOngxet den nhiing khac bi$t
dl,favao ky h1?nvan.
3. Can doi titng tai san
co vOititng tai sanNf!
M~cdichcua phu'ongphapnayla
lamchotltngtai sanN<;J khapvai
tUngtai san Covai m(>tgia tri, kyh1?n
va d~c diem rui ro giong nhau. Tuy
nhien, vi$c ap d~ng phu'ong phap
nay trenthl,fCte gan nhu'la khongthe
thl,fChi~ndu'<;JC,va do do nochi mang
tinh Iy thuyet hay hQcthu$t ma thai.
Qua thl,fCla co m(>tso nganhangap
d~ng phu'ongphap nay m(>tcach co
Il,fachQn,vi d~ nhu'm9t khoan van
vay tUngan hang trung u'ongco the
du'9Ccan doi v(ji m9t khoanvay ho~c
m9t dl,fan vay c~ the. Nhu'ngnhiing
co h9i hay tinh huang nhu' v$y
thu'dngla rat h1?ncheva luan luonco
nhiing tai san N<;J.Co khong khap
nhau vi day la m9t d~c tru'ng cua
h01?td9ng kinh doanh ngan hang.
4. Da nhom - da Iii sdt
Day la phienban mo r9ng cua
.,phu'ongphapm9t nh6m- m9t lai
62
T~ CIIiNcANIIhNG- &6 11NAM'lOO5

suatchuyenvan.Ve co blm, moi ben
cua bang can doi dli<;JCchia thanh
cac nh6mtai sanC6 va tai sanN<;J
cancuvaocactieuchi nhli kyh<;ln,
Iai suat, rui ro hay mQt so yeu to
khac. U3isuat chuyen van cua tUng
nh6m dli<;JCcan cu vao ky h<;lnva li3i
suat hi$n hanh cua nh6md6. Nhiing
nh6m c6 ky h<;lndai c6 li3i suat
chuyenvan dai h<;ln;nhiing nh6mc6
ky h<;lnngan c6 lai suat chuyen van
ngan hi~m.
So Ili<;Jngva ban chat cua nhiing
nh6m nay phai phan anh nhiing d~c
diem kyh<;lncua bang can doi cua
moi ngan hang. Li3isuatchuyenvan
cua tUng nh6m the hi$n li3isuat thi
trliang hi$n hanh doi voi ky h<;lncua
nh6m d6. Bdi vi cac lai suat chuyen
vandlfavaoli3i suatthitrliang,giatri
d6ng g6p xac d!nh dli<;JCphan anh
tfnh c<;lnhtranh cua qua trinh trung
gian tai chinh. Nhiing nguon van
dli<;JCcungcapvoi li3i suat thap hOn
lai suat thi trliang hi$nhanhdli<;JCghi
nh$n c6 gia tr! d6ng g6p Ion hon.
Nhiing nguon van dli<;JCsa dl:mgvoi
lai suat cao hOnlai suat th!trliang c6
gia tr! d6ng g6p Ion hon.
C6 hai cach de xac d!nh lai suat

chuyen van trong phliong phap nay.
Cach thtJnhE/t/a sa dl:mglai suat th!
trliang hi$n hanh. CachthtJhai /asa
dl,lnglai suatth!trliang dangdli<;JCap
dl,lngt<;lithai diem khdit<;!ogiao dich.
Nhli<;JCdiemcuavi$c sa dl,lngli3isuat
thi trliang hi$n hanh la ngan hang
khOngthe danh gia cac quyet d!nh
dli<;JCdlia ra t<;lithai diem d!nh gia
giao dich ban dau. De danh gia cac
quyet djnh d!nh gia doi voi cac giao
dich dli<;JCkhdi tl?Otrong cac thai ky
trlioc. gia tr! d6ng g6p phai dli<;JC
danh gia can cu tren lai suat hi$n
hanht<;lithai diem khClit<;lOgiao d!ch.
De khac phl,lcnhli<;Jcdiem nay. cac
nh6m tai slm trong qua khu voi ky
hl?nkhacnhaudli<;JCt<;lorava gan co
d!nh voi lai suat chuyen van dli<;JC
tfnh toan dlfa tren lai suat th! trliang
hi$nhanht<;lithaidiemkhClit<;lOtrong
qua khu. Nhiing giao d!chdli<;1Ckhdi
t<;lOt<;lithaidiemmQtnh6mmoit<;lOra
se dli<;1Cgan voi lai suat chuyenvan
cua nh6m d6 cho den luc dao h<;ln.
Cac thay doi sau d6 cua lai suat th!
trliang se khong lam thay doi gia tr!
d6ng g6p.
5. Khap ky h~n
Phliong phap khop ky h<;lnla

phliongphaptientiennhatde kiem
soatvaco I$prui ro lai suatvoi kha
nangsinhlaicuasanphamva vi$C
apdl,lngphliongphapnaycothela
phuc t<;lPnhatso voi cac phliong
phap kh,k Tliong tlf nhli phliong
phapda nh6m,phliongphapkhopky
h<;lnganli3isuatchuyenvanvoitUng
nguonvanvagiaod!chsadl,lngvan
t<;lithai diem khdi t<;lO.Ky h<;ln d day
khongphailathaigiandaoh<;lncua
tai sanmalathaigiantfnhdenngay
tai sand6d!nhgia1<;Ii.
Phliong phap khop kyh<;lndanh
giacacquyetdinhd!nhgiabandau
va mucd6ngg6pl<;Jinhu$nhi$nt<;li.
T<;Iithai diem khdi t<;lO,mQtli3isuat .
chuyenvancuamQtky hl?nnhatdinh
dli<;JCtfnhcho moi nguonvanva giao
dich sadl,lngvancancu trencacd~c
diem dang tien cua tai san hay tai
khoanva muc lai suatth!trliang hi$n
hanh. Bdi vi lai suat chuyen van the
hi$n mQt "Ilfa ch9n dlfa tren th!
trliang", gia tr! d6ng g6p rang cua tat
ca cac nguon van dli<;JCcung cap
hay sa dl,lngdli<;1Cxac dinh dlfa tren
cac li3isuat c<;lnhtranh t<;lithai diem
d!nhgiagiao dich haytai khoan.Cac
lai suat chuyen van dlfa theo kyh<;ln

dli<;JClay tCtmQtdliang cong dinh gia
ma thliang dli<;1Cchiet xuat tU cac
dliang li3i suat trai phieu Kho b<;lc,
dliang li3i suat cho vay .Iien ngan
hang, ho~c dliang li3isuat hoan doi
lien ngan hang. Doi khi li3i suat
Till CHiNH ravJ~ ., ,,4.
W£~~~ULS
chuyen van lay tU dliang cong nay
dli<;1Cdieu chinh theo mQt so d~c
diem riengc6 cua nguonvan. Neu lai
suat cua giao d!ch thay doi trlioc khi
dao h<;ln,li3i suat chuyen van cOng
dli<;JCtfnh l<;Ii de phananh.muc li3i
suat moi cua giao d!ch d6.
Muc d6ng g6p l<;1inhu$n cua moi
tai san C6 dli<;JCcan cu tren muc
chenh I$ch giiia li3isuat cua tai san
d6 va li3isuat chuyenvan cua ky h<;ln
tliong dliong tren dliang cong d!nh
gia. Mucd6ngg6p naydli<;JCxac dinh
bat ke tai san d6 dli<;JCcap van nhli
the nao.tren thlfC te va van khong
thay doi trong suot kyh<;lncua tai
slm d6. Tliong tlf, muc d6ng g6p l<;Ji
nhu$n cua cac tai san N<;1dli<;1Ccan
cu tren chenh I$ch giiia li3isuat cua
chungvoi dliang congd!nhgia va bat
ke nhiing nguon van d6 dli<;JChuy
dQngnhli the nao.

IV- NHflNGvANDEC(JBANTRONGVI~C
TRIENKHAIH~THONGFTP
1.Thuoodo rUi ro
Ruiro dli<;1Cdo lliangtheo dQbien
thien cua thu nh$p rang hay dQbien
thien cua gia tri thi trliang cua danh
ml,lctai san? ThlfCte cho thay cac
gioi h<;lnrui ro doi voi thu nh$p rang
va cac gioi h<;lnrui ro doi voi gia tr!th!
trliang cua tai san deu dli<;1CSltdl,lng
trong quanIyrui rotongthecua ngan
hang va quan Iy danh ml,lccua HQi
dong quan Iy tai san Nq,C6 (ALCO).
Doi voi so sachke toan cua h$thong
FTP va cac hO<;ltdQng kinh doanh,
giao d!ch chUng khoan cua ngan
hang,sa dl,lngcacgioih<;lnrui ro gan
voi th! trliang la mQt chuan mlf~
.thongnhat.T<;IicapdQdOnvi kinh
doanhhaychi nhanh,cac thliocdo
ruirodoivoithunh~prangdlfatren
phliongphaph<;lchtoanquakhula
chuanmlfc ma cac nganhangap
dl,lng.
T~ CIIiNcANIIANc -sO 11NXM20Cfj
6:1
Tnl CHiNH
w£~~~TIm
2.Cae gim h~n rU.i ro
Cancutrenthudcdo rui ro thich

hc;1P,nganhangnenxacdinhcacgidi
h~nruiro nhuthenao?Ve gidih~n
rui ro toi da doi vdi ca nganhang,
nganhangkhongduc;1Cchapnh~nrui
ro Idndenmucmalamthi$th~iden
cac co dong.Tongmuc rui ro cua
nganhangphaiduc;1cxacdjnh0 muc
manganhangS8khongbaogidvUc;1t
rangoaikhuvl/Cantoancuaruirolai
suat.Dieunayc6nghia113nganhang
phaixacd!nhcacgidjh~nruirotheo
m9tcachmadambaorang:
- Gia tr! th! trudngcua von chu so
hltu (bang gia tri th! trudng cua tai
san C6 trU'digia tr! th! trudngcua tai
san Nc;1)khOngbao gid c6 the b! am
doi vdi bat cu muc lai suat nao, ho~c
- Dang tien hang nam (ma thu
nh~p rang 113d~i di$n) S8khong bao
gidbi amdoivdibatcu muclaisuat
nao.
C6 nhieu cong Cl,lkhac nhau
duc;1cdungde d~tduc;1CnhCtngml,lc
tieunay.Cacphudngphaptfnhtoan
d(>nh~ycuagiatr!thitrudngcuavon
chu so hltu va phudngphapgia tr!
ch!urui ro (VaR)duc;1cSltdl,lngde
IUc;1ngh6a lo~i gidi h~n rui ro thu
nhat. Mo phong thu nh~p rang
thudngduc;1cdungde xac d!nhlo~i

gidih~nthuhai.
Xac ainhgiai h?n rui ra aoi vai
cacadnvikinhdoanh
Trongm(>tnganhang,cac gidi
h~n rui ro phai duc;1cxacd!nhm(>t
cach nhat quande phananh kinh
nghi$mva cap b~c cua ngudic6
trach nhi$m.Dudi day la m(>tso
nguyentaccanban:
- NgudiquanIytrungtamFTPva
ngudikinhdoanhtrensangiaodich
phaic6cacgidih~nruironhunhau
neu hQc6 ky nangva kinhnghi$m
giongnhau.
- Hauhet trongcac nganhang
Idn,q'uymorui rothudngratIdn,do
d6cacgidih~nruirophaiduc;1cphan
bo
m(>tcachro rangchocacnha
quanIycapcao.
- Cacgidjh~nruirodoivditrung
tam FTPphaidu Idn de cho phep
thl/Chi$ncacgiaod!chphangngU'a
ruiroo
3. L11a ehQn Iii sdt FTP
va so dtt FTP
3.1-La;suatFTP
Nhin
bengoaithi FTPc6ve nhu
ratddngianboiVIvi$ctfnhtoanchi

co2 biensotheocongthucsau:
Muc tai FTP allc;Jchllong ho~c
phaitra= LEjisu{itFTPx Sodll FTP
Tuynhien,vi$cthietI~pcacchinh
sachvathl/chi$nFTPtrenthl/Cte la
rat phuct~p. Cac ngan hang thudng
II/a chQnlai suat FTP theo ba budc
sau:
Bwc 1: LI/a chQnme)talldng tai
suat FTPCdban: DUdnglaisuatnay
phan anh m(>tlo~t nhCtngphudngan
khathi detiep c~nvdjcac nguonvon
ho~c phudngan Sltdl,lngvon doi vdi
lo~i hinh ngan hang ho~c san pham
ngan hang.Vi dl,l,nhCtngngan hang
toan cau c6 the II/a chQnm(>tchi so
laisuat liennganhang(USOR)boivi
hQgiao d!ch nhieu trong th! trudng
nay. Cac ngan hang Idn trang khu
vl/c cOngco the II/a chQnchi so lai
suat naydoi vdj m(>tso congCl,lnhat
d!nh maduc;1cgan vdi cac chi so lai
suat lien ngan hang (vi dl,l nhu trai
phieu Kho b~c My). Cac ngan hang
khacc6 the II/achQnlai suat cho yay
qua dem gilia cac ngan hang ho~c
ket hc;1Pgilia lai suat lien ngan hang
vdi lai suatth!trudnghoandoi de xay
dlfng dUdngchi so lai suat FTP Cd
ban. DUdngchi so lai suat nay cOng

c6theduc;1Ccoinhum(>tdudngcong
laisuat mathehi~nmoiquanh~gilia
cac lai suat va cac ky h~n.
Bwc 2: DiI~u chlnh alldng fai
suat FTP cd ban:
- Dieu chlnh rui ra tin dl,mg cua
ngan hang:
Doi khi ngan hang khong
the yay von t~i muc gia trung binh
tren thi trudng do rui ro cua ngan
hang tang len. Neu muon yay thi
nganhangphaitrathemm(>tmucphi
buruiro,do do phaidieu chinhtang
dUdngcong lai suat FTP.
- Dieu chlnh chenh f~ch gia ai
vay!cho vay von trang ne)ibe) ngan
hang: Ngan hang thudng dieu chinh
mucchenhI$chnay doi vdi dudnglai
suat FTP Cdban nham t~o ra khoan
thu nh~p cong khai cho trung tam
FTP do da "lam moi gidi" gilia cac
ddn V! cung cap von va ddn vi Slt
dl,lngyon.
- DMu chlnh phi quyen chQn:
Duc;1cap dl,lngnhamphananh chi
phicua vi$c cap cho khachhangm(>t
II/achQnhayquyenduc;1ctra nc;1ho~c
rut tien gUitrudc h~n ma khong mat
phi. Ganm(>tmucphi quyenchQnVdi
m(>tsan pham khi san pham nay

duc;1ckhoit~o (vidl,l,tfnhm(>tmucphi
nho cho tat ca cac san pham de bu
dap cho nhCtngsan phamma S8thl/C
sl/ bi hoan tra ho~c rut trudc h~n)
ho~c khi tfnh phi quyenchQndoi vdi
tllng san pham b! hoan tra/rut trudc
h~n.Tuy nhien,rat nhieu ngan hang
dieu chinh phi quyen chQn0 cap d(>
san phamho~c danh ml,lcsan pham
thayvidoi vdi tllng san phamriengre
de dam bao tfnh chinh xac tuY$tdoi
cua FTPva dap ltng cac yeu cau Xlt
Iy dli li$u.
Bwc 3: LI/achQn fai suat FTP ttl
alldng cong tai suat FTP aac;Jcaieu
chlnh. DUdng lai suat nay bao gom
nhieu muc lai suat khac nhau tUdng
tUdngltng vdi nhieulo~iky h~n.Vi$c
II/a chQn lai suat FTP dai hoi phai
xem xet rat nhieu nhCtngdiem khac
nhau trEmdUdnglai suat FTP nay.
\ ~hi~o m(>ttrudnghc;1Pngo~i1$113cac
64
T~ emNCANIIANc - sOU NAM2005
san pham/congCl,]chi co m(>tdong
tien phat sinh t<i1ithdi di§m dao h<i1n
cua chung.Di§m nam tren dVdnglai
suat FTP ma tVdng U'ngvai ky h<i1n
cua san pham do chinh la muc lai
suat dungd~ tinh lai FTP.

Trvdng h<;jppho bien nhvngphuc
t<i1Phemla xac dinh lai suat FTP cho
nhiing san pham ma co cac dong
tien goc d!nhky,vi dl,]nhvcac khoan
tin dl,]ngtra gap hang thang. Co m(>t
so phVdng phap xac dinh lai suat
FTP cho 10<i1isan pham nay:
- Ph/Jdng phap binh qUEm gian
oan: Tinh binh quan cac di~m nam
tren dVdnglai suat FTP chinh tvang
ung vai khoan tien thu dV<;jc(ho~c
giai ngan)cua dongtiengoc tua san
pham. Phvdng phap nay kha ddn
gian nhvng co th~ hiiu ich trong m(>t
so trvdng h<;jp;cho ket quakha chinh
xac doi vai cac san pham co so dv
nho. doanh so cao va ky h<i1nngan.
PhVClngphap nay la m(>txuat phat
di~m tot trong thdi ky tri~n khai FTP.
- Ph/Jang phap ni'1a ky hqn:
PhvClngphap nay ap dl,]nglai suat
tVClngU'ngvai di~m nam tren dVdng
conglai suat FTPmat<i1ido 1/2sodv
goc dV<;jchoantra.
3.2- 56' dLfFTP
SaukhidailIachQndV<;jclai suat
FTP thich h<;jp.van de chinh sach
tiE~ptheo la Il,fachQn so dv ma lai
suat do 58dV<;jcap dl,]ngd~ tinh toan
lai FTPdV<;jchvongho~cphaitra. Co

bon van de chinhsachthenchot anh
hvong den quyetdinh Il,fachQnso dv
FTP:
a) Mac 09 chi tiet cua so d/J.Co
hai II/a ch<;m:
Thu nhat.cac nhomsodv: Co th~
la m(>tnhom duy nhat ho~c nhieu
nhom. can cu vao cac d~c di~m
chungcuacac congcl,],san pham,vi
dl,]nhv ngay dao h<i1n,phvClngthuc
thanh toan, 109isan pham. PhvClng
phap m(>tnhom so dv duy nhat coi
tat ca cac san pham la giong nhau,
khong tinh den 10<i1isan pham hay
d~c di~m dinh gia l<i1i(day chinh la
phvClngphap m(>tnhom - m(>tlai
suat da neu a phan tren). Do do,
phvClngphap nay co th~ cho nhiing
ketqua ratsaiI~chva gannhv khong
bao gid dV<;jcsa dl,]ngkhi ngan hang
co th~ sa dl,]ngcac phvClngphaptinh
toan phuct<i1Pnhvng chinh xac hCln.
PhvClngphap da nhom so dV
phan nhom cac san pham. cong cl,]
theo cacd~cdi~mnhv 10<i1isanpham
va ngay dao h<i1n.Tat ca cac so dv
trong m(>tnhom nhat d!nh dV<;jcap
dl,]ngm(>tlai suat FTPcho vay ho~c
di vay giongnhau.Cac san pham.cO
va mai dV<;jcap dl,]nglai suat FTP

giong nhau, do do co th~ t<i10ra cac
bien d(>ngtrong muc l<;jinhu~n hang
thang. Tuy nhien, phVdngphap nay
rat hiiu ich doi vai nhiing san pham
khong co ky h<i1nho~cngay dinh gia
l<i1i,vi dl,] nhv tai khoan tiet ki~m
khong ky h<i1n.tai khoan tien glti
thanh toan va cho vay bang the tin
dl,]ng.
Thu hai, cac san pham ddn Ie:
Cac khoan tien gw/tien vay cua
nhiing khach hang Ian ho~c Chinh
phu ma co th~ anh hvang m~nhden
kha nang sinh Idi cua ngan hang
dV<;jcap dl:mg nhiing lai suat FTP
rieng.
b) Cap von cho so d/Jrang hay
cho tong so d/J?Phvdng phap cap
von cho so dv rong can cu tren m(>t
I~p lu~n la m(>tchi nhanh cua m(>t
ngan hangphai'W 10van" cho minh,
neu thCtavan thi "ban"cho trung tam
FTP; neu thieu van thl "mua" van tLt
trung tam FTF>.NgV<;jcl<i1i,phvClng
phapcap vanchotongsodv gia d!nh
rang cac chi nhanh "ban" tat ca so
van huy d(>ngdV<;jccho trung tam
FTP va dV<;jChvang lai FTP cho vay
va "mua" tat ca so van can co d~
h09t d(>ngtLttrung tam FTP va phai

tra lai FTP di vay. Phvdng p~ cap
=~~~L@
vontrentongsodv la chinhxacva
hiiu ich hdn va dV<;jcdungthvdng
xuyennhatVIno phananhm(>tth~c
te cuacacnganhangla cactaisan
N<;j vataisanCorathiemkhicandoi
vai nhau.PhVdngphapcapvantren
so dv ronglakhongchinhxacvi no
giadinhrangcactai sanCocandoi
vaicactaisan
N<;j cocungkyh~n(rat
khoxayratrenthl,fCte);khoapdl,]ng
d cap d(>san phamchi tiet va cho
vi~cphantichkhanangsinhIdicua
khachhang.
c) Cap von tr{m so d/J trang
thang:Phvdngphapnayrathiiu ich
doivainhiingnganhangcocacsan
phamcosodvIanvalaisuatthanoL
Trongthangnaodo, m(>tsanpham
dinhgia I~it~ora Cdh(>ithaydoi lai
suatap dl,]ngchokhachhangva lai
suatFTP.Sl,fdinhgi$I~inaythvdng
bat nguontLtsl,fthaydoim(>tchiso
lai suat ben ngoaima lai suatcua
sanphamdV<;jcganvao.vidl,]nhvsl,f
thay doi lai suat cho vay doi vai
khachhangtotnhat.Khilaisuatcho
vaydoivaikhachh~ngtot nhatthay

doi, nganhangcan phai phanbi~t
dV<;jcso dv n<;jtrvacva saukhilai-
suatthaydoLChenhI~chl<;jinhu~n
cothela dangkegiiia phvdngphap
cap van tren so dv trongthangva
phvdngphaptinh so dv FTP cuoi
thang. Neu phVdngphapcap van
trensodvtrongthangkhongdV<;jcsa
dl,]ng,gia tr! cua san phamse b!
danhgiasaiI~ch.Mucd(>saiI~chse
con Ian hdn neu tong so dv cuoi
thangdV<;jcsa dl,]ngthayvi sadl,]ng
sodv blnhquan.
d) Capvontr{mso d/JOl1c;Jcchia
nhO:Dayco Iela phvdngphapdung
nhatvem~tIythuyetvachfnhxacve
m~ttoanhQCdetinhlaiFTPphaitra
ho~c dV<;jchvang.Tuy nhien.day
thvdngla phVdngphapkhoapdl,]ng
nhatva khogiai thichvai banI~nh
d<i1ongan hang.Phvdngphapnay
tach (haychianho)so dv goc cua
T~ ClIi NCM tiANc - &5 11NAM2(Xjj
65
TAl cHiNH
w£~~~1J1j
m(>tsan pham thanh cac dong tien
v.i:coi mai dong tien la m(>tsan pham
rleng re dLf<;1Ccap von b muc lai suat
FTP t<;lithai diem ma dong tien do

phat sinh.
:f(/. Khicap von thi!Csi! cho nhCtngso
dLf (dong tien) rieng re nay, m(>tlai
suat FTP cua m(>tthang nhat dinh se
dLf<;1Cap dl;mgcho so dLfcua thang
do. Trong thang 1, co 12 "khoan vay"
rieng re, trang thang 2 co 11 khoan
vay, trang thang 3 co 10 khoan vay,
ap dyng phLfC1ngphap tach so dLfse
lam cho thu. nMp rang W lai se
kh6ngondinhvicac laisuat FTPcua
cac thang la khacnhau va so tien
goc thanh toan tang len. De khik
phyc nhLf<;1cdiem nay, cac ngan hang
can ap dyng hai bien the cua phLfC1ng
phap nayla:
- Tfnh trLfaclai suat FTP bang
cach lay so dLfgoc binh quan trang
ea ky h<;lncua khoan tin dyng chia
cho chi phivon.
- Hangthangap dl,mglaisuat nay
doi vai so dLfn<;1goc de tinh chi phi
cap von moithang. Dieunay se t<;lO
ra mQtmuc thu nh$p rang W lai 6n
d!nh trang suot ky h<;lncua khoan
vay.
4. Quan
Iy h~ thong FTP
nhu'mQtdanh m~e rieng re
Nen tach rieng so sach ke toan

FTP hay g(>p no VaG 10<;li"tat ca cac
rui ra khac" ma chLfa dLf<;1Cgiao cho
m(>t dcm vi Cl,Jthe quan Iy ngo<;litru
ALCO? Rat nhieu ngan hang co thai
d(>khong nhat quan trang n(>ib(>doi
vai FTP. Hau het cac ngan hang Ian
deu yeu c3U cac nhan vien tin dl,Jng
phai ap dl,Jng chi phi von trong thai
gian thi!C dLf<;1Cniem yet cho cac
khoan tin dl,Jng Ian co lai suat co dinh
ma VLf<;1tqua gidi h<;lnnao do, VI dl,J
nhLf 1
tri$u USD, de cho phep phong
ngua rui ra cho giao dich do trong
th0i gian thi!c. Dong thai, m(>tso
ngan hang khong tach rieng danh
66
ml,Jc FTP vdi m(>tnha quan Iy Cl,Jthe,
co nghTa la hang ngay cac khoan tin
dl,Jng lai suat co dinh se dLf<;1Ct<;lOra
ma khong dLf<;1Cphong ngua rui ra lai
suat vi quy mo cua giao dich do la
dLfdigiai h<;ln1
tri$u USD.NhLfng
tong gia tri cua nhCtngkhoan cho vay
nha nay '<;IithLfangIdnhemgiatri cua
nhCtngkhoan cho vay doanh nghi$p
ma vLf<;1tqua gidi h<;ln1 tri$uUSD.
V$y thi t<;lisac l<;Iiyeu cau phai can
doi ch~t che nguon- Slt dl,Jngnguon

doi vai m(>tso giao dich nhLfngI<;Ii
khong bat bu(>cd6i vdi cac giao dich
khac?
Toan b(> rui ra lai suat phai dLf<;1C
giam sat va phong ngua kip thai,
th$m chi doi vdi ca nhCtnggiao dich
nha. De dam bao tinh lien tl,JCcua
qua trinh giam sat nay, trung tam
FTP phai dLf<;1Cquan IynhLfsau:
- Xac dinh ro rang ngLfaiquan Iy
FTP.
- Phongngua ruira chotrungtam
nay phaila trach nhi$mchu yeu cua
ngLfainay.
- Trungtam nay phai dLf<;1Cphong
ngua tren CC1so gan v6j thi trLfang
chu khong phai di!a VaGmo phang
thu nh$p lai rang.
- Rui ro phai dLf<;1Cdo ILfanghang
ngay va bao cao hang ngaycho nha
quan Iycap cao thfch h<;1p.
- Trongmai cu(>ch9P cua minh,
ALCO phaixemxetruira cua trung
tam FTP.
- Phai xac dinh cac gi6i h<;lnrui ro
bang con so chfnh thuc cho trung
tam FTP.
- Sat cu si! vi ph<;lmnhCtnggi6i
h<;lnrui ra nay phai dLf<;1Cbao cao
bang van ban cho ALCOva nhCtng

bi$n phap khac phl,Jcnhanh phai
dLf<;1Cthi!C hi$n.
- NhCtngngLf0ikhong tuan thu cac ,
gi6i h<;lnrui ro phai bi ky lu$t.
5. Cae m~e tieu eUa trung
tam FTP
Trung tam FTP kh6ng nen dLf<;1C
Slt
dl,JngnhLfm(>ttrung tam sinh lai
de tranh nhCtngna Ii!c chong cheo.
Nha quan Iy FTP gan nhLf luon bj
giam doc cua cac dC1nvi kinh doanh
nhin v6i con mat nghi nga. NhCtng
ngLfaidi vay von W trung tam nay thi
cam thay rang lai suat la qua cao va
nhCtngngLf0icho trung tam nay vay
von thi eam thay lai suat la qua thap.
Neu trung tam nay chap nh~n rui ro
lai suat cao nham kiem lai, bat cu
khoanla hay lainao deu se lamtang
si! nghi nga cua cac dC1nvi kinh
doanh. Neu trung tam co lai, dC1nvi
kinh doanh se cam thay h9 da b!
"tLfdCdO<;lt"bbi vi$c dinh gia cac giao
dich v6i trung tam FTP. Neu bi la,
ngLfaiquan Iytrung tam FTP se b!coi
la kem caL Do do, de dam bao uy tin
cua h$ thong FTP,ngan hang can
xac dinh gi6i h<;lnrui ro b muc vua
phai doi vdi trung tam FTP va ml,Jc

tieu cua trung tam nay la phi l<;1i
nhu~n.
6. Riii ro tin d~g
Rui ra tin dl,Jng phai dLf<;1Cquan Iy
t<;lidC1nvi ra quyet dinh cho vay. Neu
dC1nvi ra quyet d!nh la chi nhanh thi
rui ro tin dl,Jngva lai cho vay phai
nam b cap chi nhanh. Neu cac quyet
d!nh tin dyng dLf<;1Ct$p trung hoa thi
laicho vay binh quan phai dLf<;1Cphan
cho dC1nvi ra quyet d!nh va dC1nvi
nay phai chiu t6n that tin dl,Jngthi!cte
nhLfm(>tkhoan chi phi.
7. Chitng khoan ~u tu'
Ap dl,Jngmuc lai suat chuyen von
nao cho cac chung khoan dau tLfva
dC1nvi nao se giCtcac chung khoan
nay? Cac chUng khoan dLf<;1CgiCtcho
ba ml,Jcdfch: lam m(>tnguon sinh Idi
trong mua ban chUng khoan, dung
de thay the cho cac khoan tin dl,Jng
~~O<;lt d(>ngcho vay khong co li3i
T~ CIIi NCM IIANC-sO11 NAM2005
w~~~~~
nhl1nghuyd(mgvonthivanc6laiva
la m(>t nguon dtf trii cac tai si'mC6
long de cung cap von thanh khoi'm
khi vi$c tang von huy d(>ngg~p kh6
khan. Trong vai tro thu nhat, cac
chUngkhoan chi dLf<;1Csu dl;mgtren

san giaodich va san giao dich c6
trach nhi$m quan Iy nhling chUng
khoand6. Tronghai vai tra tiep theo,
ALCa chiu trach nhi$mcuoicungva
cac chung khoandU'<;1cquan Iy trong
danh ml,]c cua ALCa. Cac chUng
khoanphaithudU'<;1claisuatthtfccua
chung. Cac tai san N<;1se dU'<;1cc(>ng
them m(>tchi phi c6ng khai khactuy
thu(>cvao chien 1U'<;1ccua ALca doi
voi rui ro t6ng the cua nganhang.Do
d6, chung ta kh6ng can phai giai
quyet van de kh6 khan la nen ap
dl,]nglai suat trai phieu Kho b9Chay
chi phi von cua ngan hang cho cac
chung khoan Kho b9C.
8. RUi ro tra nrJ va rUt
ti~n giti truoo h2!on
Aisechiuruironayvatfnhphibu
dap nhlingrui ro naynhU'the nao?
Cauhoidongiannayanchuam(>t
van de vo cung phuc t9P. Tren Iy
thuyet.c6 hai cachde thu phi bu dap
rui ro thanh toan trU'och9n cua m(>t
tai san C6 va rut tien trU'och9n cua
m(>ttai san N<;1:
- D!nh gia chuyenvon tai san C6
hay tai san N<;1voi nguonvon voi gia
d!nh rang kh6ng c6 rui ro n6i tren va
sau d6 thu phi ph9t gan voi lai suat

thi trU'dngkhi phat sinh giao dich tra
n<;1ho~c rut tien trU'och9n.
- Tang (giam) lai suat FTP de
phan gia tri cua quyen thanh toan
(rut tien) trU'och9n va 109ibo giao
dich dinh gia chuyen von ma khOng
thu phi ph9t khi tai san N<;1ho~ctai
san C6 d6 kh6ngcan namtren bang
can doi cua don vi kinh doanh.
Ve Iy thuyet thi ca hai phU'ong
phap deu chap nh~n dU'<;1Cnhl1ng19i
khacnhautrenthtfcte.PhU'ongphap
thu nhat (thu phi sau) la kh6 thtfc
hi$nvitrongthdikylai suatgiamse
c6 m(>tkhoi1U'<;1ngIoncackhoantra
n<;1trU'och9n. So tien ph9tdoi voi
nhlingkhoannayc6theIondenmuc
ma lam thamhl,]tthu nh~plai rang
cuadonV!kinhdoanh.H~uquacua
so tien ph9tIon nay la rat nghiem
tr9ng:cac donvi kinhdoanhkh6ng
hieumayvevandenayvadod6h9
se nghingduy tfn cuaca h$ thong
FTP.Nhieunganhangda g~pphai
vande nayva dod6 h$ thongFTP
phai(i) ghi nh~nquyench9nva (ii)
kh6ngthuphiph9ttran<;1hayruttien
trU'och9n doi voi cac don vi kinh
doanhma thay vao d6 la dU'am(>t
mucphiquyench9nvaotrongcaclai

suatFTPapdl:mgchonhlingtaisan
ch!u109iruiroquyench9nnay(nhU'
da neu trong bU'O'c 2 -dieu chinh phi
quyen chQndoi vai duang li!iisuat
FTP).
9. V6n chu all him
Vonchusohiiu la thu(>cso hiiu
cuaca nganhang.Thayvi dinhgia
chuyenvonvonchuso hiiu, nhling
tai sanC6dU'<;1Ctai tr<;1baivonttf co
(maco the dU'<;1cquanIy bai trung
tam FTP)can phai dU'<;1cd!nh gia
chuyenvon de xac d!nhdU'<;1Ckha
nangsinhloi cuatrungtamnay.Vi
nhling tai san C6 dU'<;1Cdau tU'bai von
ttf c6 thi sinh Idi nhl1ngvon ttf co thi
kh6ngsinhIdi nen m(>tso nganhang
phanb6 so tien lai nay cuatrungtam
FTPchocac donvi kinh doanhnham
khuyenkhich cac ket qua h09td(>ng
a nhiing demvi nay,vi dl,]nhU'so tai
khoan moi gia tang, phat hanh them
the tfn dl,lng,the ATM D6i khi, de
xac d!nh tfnh kha thi cua h09t d(>ng
kinh doanh ngan hang hay xem xet
cac phU'ongan dau tU'von ttf co vao
h09t d(>ngkhac khong phai la ngan
hang, ngan hang c6 the d!nh gia
chuyenvonvonchusohiiu. '- -
10. NrJ qua h2!0n

Theo phU'ongphap khop ky h9n,
khi m(>tkhoan tfn dl,]ngtra thanh n<;1
qua h9n ngan hang se kh6ng thay
d6i lai suat FTPdoivoi khoan n<;1nay
tn! khi laisuat cua khoann<;1naythay
d6i (khoan n<;1dinh gia 19i).
11. Ti~n gtd khong ky h2!on
De dinh gia chuyen von tien glti
kh6ng ky h9n, hau het cac ngan
hangbat dau voivi$c U'octinhky h9n
trung binh cua tien glti kh6ng ky h9n
(ky h9n trung binh do ILfongd(>nh9y
cua m(>ttai san tai chinh voi sl! thay
d6i 1% cua lai suat, dU'<;1ctfnh bang
binh quan gia quyen cua gia tri hi$n
t9i cua tat ca cac dongtien). Sau do,
ngan hang tien hanh phan tich sl!
giam sut cua tien glti kh6ng ky h9n.
H9 t90 ra cac nh6m ky h9n va phan
bo nhling tai khoan tien glti nay vao
nhling nh6mky h9ndotheo ngayma
tai khoan. Khi khach hang dong tai
khoan ho~c kh6ng h09t d(>ngtrong
m(>tkhoangthdi gian nhatdinh,ngan
hang se cho giam so dU'cua cac
nhomky h9n tLfongUng.M(>tphU'ong
phap khac la tach so dU'tien glti
thanhtien glti cot loi va kh6ngcot loi,
gan lai suat FTPdai h9n cho tien glti
cot 16iva lai suat FTP ngan h9n cho

phan khOngcot loi.
TomI~i, cac ngan hang can phai
no Il!c VU'<;1tqua nhling kh6 khan,
phuc t9P trong vi$c thiet I~p thanh
cong h$thongFTP,hon niia la duytri
tfnh kien dinh de VLf<;1tqua tat ca cac
van de mauthuan nhau. Voi m(>th$
thongALM dl!a vao dinh gia chuyen
von, cac ngan hang c6 the cung co
h$ thong quan Iy tai chinh hi$n t9i
(cac h$ thong va quy trinh) de phl,lC
vI,]cho phantfchcac chien 1U'<;1ch09t
d(>ngva xac dinh giai phap toi W,
tang cU'dngnh~n thuc ve rui ro lai
suat trong n9i b9 ngan hang, cung
cap thOngtin tot honde phattrien va
giam sat vi$c dinh gia cac san pham
nh9yC'8mvoi lai suat
T~ CI1iNCAN IIANc - ro 11 NAM '2005
67